派林生物：费用率显著改善，陕煤未来赋能空间大

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, achieving operating income of 1.14 billion yuan, a year-on-year growth of 60.2%, and a net profit attributable to shareholders of 330 million yuan, up 128.4% [4] - The improvement in gross margin and reduction in expense ratios have led to a notable enhancement in profitability, with a gross margin of 50.2% compared to 48.7% in the same period last year, and a net profit margin of 28.8% versus 20.2% [4] - The company is positioned among the top three in the industry in terms of plasma collection stations, with an expected collection volume exceeding 1,400 tons in 2024 [4] Summary by Sections Financial Performance - In Q2 2024, the company achieved operating income of 700 million yuan, a 56.3% increase year-on-year, and a net profit of 200 million yuan, reflecting a 136.3% growth [4] - The company’s expense ratios for sales, management, and R&D have significantly decreased, with sales expense ratio at 9.1%, management at 7.5%, and R&D at 3.0%, compared to 17.1%, 11.5%, and 4.1% respectively in the previous year [4] Market Position - The company operates 38 plasma collection stations, ranking just behind Tian Tan Biological and Shanghai Lai Shi in terms of the number of stations, and is expected to enter a rapid growth phase in plasma collection volume [4] - The entry of Shaanxi Coal and Chemical Industry Group as a major shareholder is anticipated to provide significant operational support and growth potential for the company [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 770 million yuan, 920 million yuan, and 1.07 billion yuan for the years 2024, 2025, and 2026 respectively, with growth rates of 25.6%, 19.1%, and 17.3% [5] - The current stock price corresponds to a price-to-earnings ratio (PE) of 23, 19, and 16 for the years 2024, 2025, and 2026 [5]